publication date: Oct 20, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Housing Rental Market - Rent Rises on the Horizon?
The outlook for the future is more rent rises. As landlords start to feel the pinch on mortgage costs (currently some lenders are apparently looking at only offering repayment only mortgages, not interest only) and the effect of inflation, higher taxes etc comes through, they will start increasing their rents and as more tenants flood onto the market as fewer people buy property, they will start to increase rents as much as possible.
Having predicted that rents will rise this year, this is certainly coming through in areas such as London and the South East where rental prices are pushing upwards of 10%. However, it is important to put this rise into context though, as it only means prices are heading back towards the heights of the Summer 2008, prior to lots of accidental landlords flooding the market and reducing rents throughout most of 2009.
- If you are a tenant: rent something this side of Xmas if you can!
- If you are a landlord: look at putting up your rent if you can to protect your income.
READ MORE For the complete Rental Market Update and the Headline Statistics
Rental Market Regional Statistics for September
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